Kat Geralis Home Team Wilmington DE Real Estate News Archives

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If you're a first-time homebuyer, the necessary steps to purchase a home in Wilmington or Newark may not be entirely familiar. Before you become a homeowner, there are a few financial decisions you should make to help ensure your success of getting a mortgage and affording your first home. For instance, creating a budget and trimming the excess expenses. Here are a few to-do's to take on this summer, future homebuyers— you'll be happy you did when the time comes to close on your dream home.

Start Saving
Saving for your future home should be on every Wilmington homebuyer's mind, especially if you plan to include a significant down payment. As a homebuyer, you should first take care of any debts owed and improving your credit score before you take on building your homeowner's fund. However, if you've already completed these financial tasks, try to build up your savings to cover at least six months of living expenses. Homeowners are often faced with unexpected costs, like a water heater that needs repairing. This savings will come in handy as you transition into your new role and assume the added responsibility that comes with your home.

Steady Your Income
Potential homebuyers should be sure they have a steady income before buying a home in Wilmington or Newark. Use a mortgage calculator to factor in your income to homeowner's expenses, including utilities, taxes and insurance. If the numbers don't fit in your comfort zone just yet, keep saving and bolstering your income. A mortgage is a long-term financial commitment and you should only purchase Wilmington real estate when you're certain your financial situation will allow for the payments.

Improve Your Credit Score
As I mentioned above, paying your debts and improving your credit score is an important task to complete before purchasing a home in Delaware. When you apply for a mortgage, a lender will examine both your income and credit score. Research your score before you apply for a mortgage as this is a major factor in deterring your rate and whether or not you even qualify.

Stick to Your Budget
Have you created a budget? Go over your finances and determine where your money goes each month— write down each amount and create categories for purchases and expenses. Next, come up with a budget that allows you to trim the financial excess and try sticking to it for a few months. If you can comfortably follow a budget, it may be a sign you're ready to buy a home.

Buying a home in Wilmington or Newark is a big step, especially if this is your first-time purchasing Delaware real estate. The Kat Geralis Home Team can help you with preparations and provide information on the current market where you live. Contact us today to get started on your journey to becoming a homeowner in Wilmington or Newark!

Summer is the time to get outdoors, explore your Delaware community, slow down and visit the attractions— everything Wilmington and Newark have to offer. From spending a weekend on the Riverfront to catching a baseball game, this season will be filled with great events and something for the whole family to enjoy. This Father's Day weekend is no exception! Dad will love to catch a baseball game or take in an exhibit at the local museum, so mark these on your calendar. Below are 4 must-see events to attend with Dad this Father's Day:

Just for Dad Friday, June 13, 2014 through Sunday, June 15
10 AM to 3 PM
Delaware Children's Museum
Wilmington, DE

Admission to this Father's Day event is free (with general admission), held at the Delaware Children's Museum this Friday through Sunday. This is a great opportunity for kids to bring Dad out for a day of fun and create a special, one-of-a-kind Father's Day card for him. A chance to celebrate Dad and bonus, enjoy the rest of the museum this weekend!

Performance art was made popular in the mid 1960's and has grown over the past few decades to include music, theater, technology, dance and most importantly, audience participation. This is an interactive event that goes hand-in-hand with the Museum's "Performance Now" showing. This historical view of performance art will be available nearly all day Saturday and involves artists like Chris Burden, Dan Graham, Joan Jonas, Paul McCarthy, Yoko Ono, and Carolee Schneemann to really showcase the movement.

Kick off Father's Day weekend early with a performance of Little Shop of Horrors by the Wilmington Drama League. The showing includes three musical female narrators, star-crossed lovers, and a crazy florist for one fun-filled evening. Little Shop of Horrors put on by this great local group is just the entertainment you need to segue into a relaxing weekend.

What better way to spend a Dad-dedicated weekend than at a baseball game? And the local Wilmington Blue Rocks at that. Saturday is part of the "Dog Days of Summer" series, so you can bring your pup along too! Not to mention the first 1,000 fans will snag a dog-themed giveaway prize from Concord Pet Food and Purina. Baseball, pets and a night under the lights— Dad will love it!